BTC price hits a five-month high of $57,000

Bitcoin (BTC) is definitely on top form, and that’s quite in the literal sense as it heads into a new week, just about 15% below its all-time highs.

It’s no news that analysts are expecting a very strong Q4 finale, owing to a number of indicating factors that have led analysts to confidently compare to the bull runs of 2013 and 2017.

Detaching from the U.S. dollar and macro market movements, things are looking bright for Bitcoin once again as it acquires the ‘gold alternative’ status that investors want — all while altcoins slip further away.

Although, October is just in its second full week, expectations are very high for what might lie in store for BTC price action in the days ahead.

Altcoins dips in form ahead of “Bitcoin season”

For Bitcoin traders, it’s really a swell time this beginning of the week, as the 4-month highs of last week have already been reclaimed and even beaten. Recall that at a point last week, there was a curious anomaly on exchange Bitstamp, which saw a momentary setback to $51,000. However, a quiet weekend ensured that the previous gains were preserved.

Now though, it may just seem like Bitcoin is in top gear and preparing to launch an attack on final resistance below all-time highs of $64,500, and that BTC price action is exciting market participants.

There’s another angle to Bitcoin’s strength, however — one which could preserve further upside in the short term.

At the moment, Altcoins are seriously underperforming, leading many to believe it’s about to be a “Bitcoin season.” And from all indications, it sure looks like an “altcoin season” might not reemerge until next year.

The extent of BTC price rise has been subject to intense debate, and while some argue that $200,000 or $300,000 is “programmed,” others are already losing faith, saying that this cycle cannot come to be like the last two.

Meanwhile, a proper comparison of the post-halving years, will easily convince anyone of Bitcoin’s chances.

September’s dip below $40,000, for example, is in direct sync with the events of 2013 and 2017.